Ulster UFirst mortgage top up & valuation fee

Although Ulster pay the valuation fee for initial loan, in the event of a top up, the valuation of the property is NOT paid for by Ulster. At least that't what I'm told. Does any poster know differently?

Re: Ulster U First top up

Ravima said:

in the event of a top up, the valuation of the property is NOT paid for by Ulster.

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Is that not common enough for topups with any lender?

No the top up is not covered by your U-First account. You will have to pay the valuation fee yourself. You have 2 choices here:

You can appoint an independent valuer/auctioneer to value the house on your behalf. This means that you retain a copy of the valuation for your file in the event of having to remortgage again or deciding to change your lender for the top-up. You will however need to be sure that your valuer is a member of the IAVI, IPAV or SCS I think.

You can go with the Ulster Bank approved valuer in your area.

Whichever makes the most financial & common sense to you. FWIW I would go with the first option.

Ask Ulster Bank if they will accept a drive-by valuation - which should reduce the cost.

As UB already retain the original valuation - a driveby might be acceptable (depending on the overall loan to value)

Thanks for all your help.

I did not know that this was common with all lenders - first time getting top up.

I did not know that I had the option of getting my own valuer.

I will call on auctioneer and ask for copy of valuation before I pay.

Depending on when you took out your original mortgage and your LTV (inclusive of the top up) they may waive the valuation if you ask them to do so.

Its worth asking.

caled to valuer, got copy of valuation and because i reccomended a property to a friend who boughtm mfee waived!